Group 1: Market Performance and Product Strategy - The decline in the traditional "Mahua" product line is attributed to economic conditions and policy adjustments, while revenue from pastries is increasing [3] - The company plans to refine its product offerings based on consumer demand, focusing on health and functionality, and targeting younger consumers [3] - Future product development will include creating sub-brands under the main brand "Gui Fa Xiang" to represent a broader range of quality food products [3] Group 2: Market Expansion and Retail Strategy - The company aims to expand its market presence through a combination of flagship stores, sales subsidiaries, and distribution channels, leveraging e-commerce for nationwide reach [3] - Current direct stores in Tianjin show significant profit variance due to differing locations and functions, with some stores focusing on brand image while others stabilize local pricing [4] - The company sees potential for further store openings in Tianjin, particularly in areas not yet covered [5] Group 3: Financial and Operational Insights - The last price increase for "Mahua" occurred in July 2014, driven by product updates and favorable market acceptance [4] - The company has completed the construction of three production lines at its airport production base, with production expected to commence in the first half of the year [6] - The presence of counterfeit products highlights the brand's popularity, prompting the company to implement protective measures through patents and trademarks [6]

Group 1: Company Overview and Strategy - The company aims to deepen its market presence in Tianjin while expanding nationally, focusing on optimizing existing channels and introducing new product categories, particularly non-mahua products like pastries [3][4] - The strategy involves transitioning from a "specialized" approach to a "scale" approach, balancing differentiated advantages with scale advantages to support core products [3][4] - The company plans to leverage its brand and channel advantages to promote traditional pastries as a new growth point, capitalizing on the market potential of traditional foods [4][5] Group 2: Market Position and Consumer Trends - The company does not view its products as "low-frequency" consumables, as its mahua products cater to various consumer segments, with daily consumers making up a significant portion of sales [4][5] - The company emphasizes the importance of adapting to changing consumer preferences by integrating traditional craftsmanship with modern technology and trends [5][6] - The company recognizes the competitive landscape, noting that traditional brands have advantages in quality and cost control due to their long-standing market presence [4][6] Group 3: Operational Insights - The company operates a comprehensive retail model, selling both its own products and high-quality local specialties, enhancing product variety [6][7] - Pricing adjustments are made based on factors like raw material costs and product updates, with no fixed schedule, and the market generally accepts these changes well [7][8] - New store profitability typically reaches breakeven within approximately six months, depending on the store type and scale [7][8] Group 4: Challenges and Responses - The company faces challenges from counterfeit products, which impact sales; it is addressing this through enhanced self-protection measures and market surveillance [7][8] - The company is developing a new production base at the airport, which will commence operations after equipment testing and market conditions allow [8] - Employee motivation and talent development are priorities, with plans to introduce various incentive mechanisms in line with company growth [8]

Group 1: Company Overview - The company is Tianjin Guifaxiang Eighteen Street Mahua Food Co., Ltd. [2] - The meeting took place on January 17, 2017, from 14:00 to 16:00 at the company's office [2][4]. Group 2: Production Capacity - The new airport production base is expected to officially start production within 2017, with three mahua production lines currently in trial production [3]. - Each production line is designed to produce approximately 600 tons of mahua annually [3]. Group 3: Product Development and Market Strategy - The company plans to combine traditional craftsmanship with modern technology, focusing on health and nutrition to develop new products [3]. - The company aims to expand its product range, including non-mahua products like pastries, to create new growth points [4]. Group 4: Sales and Distribution - The sales strategy includes deepening the existing market in Tianjin while expanding to national markets through direct sales and distribution channels [4]. - The company has established flagship stores on platforms like Tmall and JD.com and is exploring e-commerce opportunities [4]. Group 5: Future Growth Potential - The company identifies growth opportunities from both internal product development and external market expansion [5]. - The company aims to become a leading supplier of traditional specialty foods, enhancing its brand and channel advantages [5].

Production and Expansion - The company has five production lines operational at the airport production base, which supports future capacity expansion [3] - The core product, Mahua, accounts for approximately 70% of the company's offerings, with a focus on regional market planning [3] - The company plans to open 10 new direct-operated stores in 2019, primarily in Tianjin, with a focus on the Beijing-Tianjin-Hebei market [6] Product Development and Market Strategy - The company is promoting leisure Mahua products, which have shown positive market feedback, particularly in convenience store collaborations [4] - The company aims to increase the revenue share of pastry products from 11.4% to 20%-30% by leveraging the combination of high-frequency, low-price products with low-frequency, high-price products [7] - The company has invested in Kuntin Technology, an e-commerce operation company, which generated over 22 million in net profit last year [4] Consumer Insights and Marketing - Direct-operated stores serve as a key channel for gathering consumer data, helping the company understand consumption patterns and preferences [8] - The company is actively engaging with younger consumers through social media and innovative product offerings, such as small packaged Mahua [9] - The company plans to increase advertising and promotional expenses in line with the launch of new leisure products [13] Financial Performance and Challenges - The company experienced a slight decline in net profit due to costs associated with new store openings, including renovation and training expenses [14] - Sales expenses, including wages and benefits, account for over 50% of total sales costs due to nearly 500 sales personnel across approximately 50 direct-operated stores [12] - The company anticipates challenges in national expansion, including consumer adaptation and pricing perceptions from distributors [12]

Sales and Marketing Strategy - The company is focusing on expanding its online sales channels through partnerships with e-commerce firms like KunTing Technology, aiming to enhance brand promotion and technical support [1] - A dual-channel marketing network is being established, combining online and offline sales to boost overall sales performance [2] - The company has completed the construction of 7 direct-operated stores as part of its marketing network development project [2] Financial Performance - The company reported a profit distribution plan of 10 shares converted to 6 shares with a cash dividend of 3 yuan, which was implemented on April 26, 2018 [2] - As of the end of 2017, the company's total liabilities amounted to 50.65 million yuan, with a debt ratio of 4.65% and current liabilities constituting 72% of total liabilities [3] Product Development and Innovation - The company invested 2.9941 million yuan in R&D expenses in 2017, focusing on continuous product development [4] - The company is integrating traditional craftsmanship with modern technology to innovate and maintain its status as a time-honored brand [4] Expansion Plans - The company plans to establish direct-operated stores and sales subsidiaries in the northwest region to expand its market presence [3] - The company aims to increase its product offerings and channel expansion in 2018, with a budget exceeding that of 2017 [10] Employee and Operational Insights - As of the end of 2017, the company employed a total of 1,001 staff members [6] - The company is actively seeking opportunities for external expansion and collaboration to strengthen its market position [7] Advertising and Brand Promotion - In 2017, the company spent 5.6773 million yuan on advertising and promotional activities, but did not advertise on CCTV [11] - The company has established online stores on platforms like Tmall and JD, enhancing its digital presence [11]

Group 1: Company Risks and Management - The main operational risks faced by the company include food quality control risks, trademark infringement risks, fundraising project risks, and reliance on a single market [2][3] - The company has established strict internal control systems and management measures to mitigate risks related to food safety, production operations, and financial management [4][5] - A risk emergency response team led by the chairman has been set up to address various emergency issues promptly [4] Group 2: Market Strategy and Expansion - The company employs a multi-channel sales strategy, primarily through direct stores, supplemented by distributors, supermarkets, and e-commerce [3][6] - Plans to open new stores in tourist areas are part of the company's strategic focus for market expansion [3] - The company aims to enhance its market presence by leveraging fundraising projects for marketing network construction [13] Group 3: Product Development and Quality Control - The company emphasizes food safety and has obtained ISO9001 and ISO22000 certifications for its quality management systems [5][11] - New product launches, including mini snacks and freshly made pastries, are planned to diversify the product line [6][8] - Strict quality control measures are implemented throughout the production process to ensure product safety and quality [11] Group 4: Financial Performance and Shareholder Value - The company reported a 7.16% increase in expected net profit for 2019 compared to the previous year [14] - A stock buyback plan was initiated based on confidence in the company's future development and to maintain a good market image [11][15] - The total share capital increased from 128 million shares to 204.8 million shares due to a capital reserve conversion plan [10] Group 5: Challenges and Future Outlook - The company faces challenges from a sluggish economic environment and market conditions, prompting a focus on core business development and expansion in the Beijing-Tianjin-Hebei region [12][14] - The company is exploring new business opportunities through investments and acquisitions to enhance competitiveness [7][9] - The management is committed to maximizing shareholder value through solid performance and strategic planning [12][16]

Financial Performance - The company's revenue for Q3 2022 was ¥84,977,007.68, representing a decrease of 18.81% year-on-year, while the revenue for the year-to-date period was ¥193,987,879.95, down 41.07% compared to the same period last year[5] - The net profit attributable to shareholders for Q3 2022 was -¥1,508,235.12, a decline of 121.32% year-on-year, and the year-to-date net profit was -¥46,385,385.87, down 261.14% compared to the previous year[5] - The basic and diluted earnings per share for Q3 2022 were both -¥0.01, reflecting a decrease of 125.00% year-on-year, while the year-to-date figures were -¥0.23, down 264.29%[5] - The company's operating revenue for Q3 2022 was CNY 193,987,879.95, a decrease from CNY 329,174,255.61 in the same period last year, representing a decline of approximately 41%[21] - The net profit for Q3 2022 was a loss of CNY 46,385,385.87, compared to a profit of CNY 28,786,393.24 in Q3 2021, marking a significant decline[22] - The company reported a total comprehensive income of CNY -46,382,172.40 for Q3 2022, compared to CNY 28,796,371.14 in the same quarter of the previous year[22] Assets and Liabilities - The company's total assets at the end of Q3 2022 were ¥1,070,925,870.78, a decrease of 7.14% from the end of the previous year[5] - As of September 30, 2022, total assets amounted to CNY 1,070,925,870.78, down from CNY 1,153,302,419.55 at the beginning of the year, representing a decline of 7.1%[18] - The total liabilities as of September 30, 2022, were CNY 93,920,938.19, slightly down from CNY 99,785,070.31, indicating a decrease of 5.8%[18] - The equity attributable to shareholders decreased to CNY 977,004,932.59 from CNY 1,053,517,349.24, reflecting a decline of 7.2%[18] Cash Flow - The net cash flow from operating activities decreased by 99.74% year-on-year, primarily due to reduced cash receipts from sales and increased cash payments for goods and services[12] - The cash flow from operating activities generated a net cash inflow of CNY 194,060.71, a sharp decrease from CNY 75,766,482.22 in the previous year[24] - The company's cash and cash equivalents decreased to CNY 222,421,052.02 from CNY 263,825,523.16, a reduction of 15.7%[17] - The company’s cash and cash equivalents at the end of Q3 2022 were CNY 222,421,052.02, down from CNY 283,780,896.81 at the end of Q3 2021[25] - The investment activities generated a net cash inflow of CNY 6,549,271.63, contrasting with a net outflow of CNY -408,231,068.42 in the same period last year[24] Shareholder Information - The company reported a total of 24,084 ordinary shareholders at the end of the reporting period[12] - The largest shareholder, Tianjin Guifaxiang Mafa Catering Group Co., Ltd., holds a 33.99% stake in the company[12] - The controlling shareholder, Tianjin Guifaxiang Snack Group, increased its stake to 33.99% by acquiring an additional 2,014,800 shares[14] Operational Challenges and Strategies - The company faced significant pressure on production costs due to rising raw material prices and a decrease in production volume, leading to a decline in gross profit margin[10] - The company launched new products and increased promotional activities during the Mid-Autumn Festival to mitigate the impact of ongoing pandemic restrictions on sales[10] - The company plans to continue expanding its market presence and product offerings in the upcoming quarters[14] Changes in Management - The board of directors has undergone changes with the appointment of new non-independent directors following the resignation of previous members[14] Research and Development - Research and development expenses increased to CNY 4,253,126.09 from CNY 3,660,092.78, reflecting a growth of approximately 16%[21] Other Financial Metrics - Total operating costs amounted to CNY 246,489,596.20, down from CNY 297,867,006.19, indicating a reduction of about 17%[21] - The company incurred financial expenses of CNY -988,063.69, a significant improvement compared to CNY -4,131,150.76 in the previous year[21] - The company reported accounts receivable of CNY 19,212,951.24, an increase of 27.2% from CNY 15,062,557.54 at the beginning of the year[17] - The inventory decreased to CNY 36,245,736.93 from CNY 45,956,234.23, a decline of 21.2%[17]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥109,010,872.27, a decrease of 51.44% compared to ¥224,509,583.71 in the same period last year[21]. - The net profit attributable to shareholders was a loss of ¥44,877,150.75, representing a decline of 306.71% from a profit of ¥21,710,691.30 in the previous year[21]. - The net cash flow from operating activities was negative at ¥14,788,021.44, down 125.96% from ¥56,954,895.58 in the same period last year[21]. - Basic and diluted earnings per share were both -¥0.22, a decrease of 300.00% compared to ¥0.11 in the previous year[21]. - Total assets at the end of the reporting period were ¥1,066,842,505.53, a decrease of 7.50% from ¥1,153,302,419.55 at the end of the previous year[21]. - The net assets attributable to shareholders decreased by 7.12% to ¥978,512,366.68 from ¥1,053,517,349.24 at the end of the previous year[21]. - The company's total operating costs decreased by 35.01% to ¥81,425,740.75, with significant reductions in direct material costs for self-produced products by 48.40%[46]. - The company's total liabilities decreased to CNY 39,803,329.11 as of June 30, 2022, from CNY 50,483,046.10 at the beginning of the year[159]. Revenue and Sales - The company's revenue from direct stores in Tianjin was approximately ¥83.97 million, a decrease of 49.13% compared to the previous period's ¥165.05 million[34]. - The overall retail sales in the food manufacturing industry increased by 4.1% year-on-year, but the growth rate has slowed compared to the same period last year[29]. - The domestic tourism total for the first half of 2022 was 1.455 billion trips, a decline of 22.2% year-on-year, impacting sales of the company's traditional snack products[30]. - The company's direct store sales are significantly influenced by local retail market conditions and population mobility, with a strong brand presence in the Tianjin area[33]. - Sales growth rate dropped significantly by 99.10%, from a previous growth of 49.97% to -49.13%[35]. - The company's store efficiency decreased by 49.59%, with a revenue per store of 5,320.23 CNY compared to 10,554.73 CNY in the previous period[35]. - The company reported a significant decline in revenue from its main product category, with a 57.03% drop in revenue from the main product, 麻花 (twisted dough sticks), totaling 55,145,610.27 CNY[38]. - Revenue in Tianjin region decreased by 59.21% to ¥17,582,879.57, while external regions saw a decline of 62.99% to ¥1,323,133.94, resulting in a total revenue drop of 59.50% to ¥18,906,013.51[39]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares for the 2022 half-year period[4]. - The management has indicated potential future strategies to address the challenges faced during the reporting period[4]. - The company plans to enhance its e-commerce business by developing new products tailored for online sales and increasing marketing activities on platforms like Douyin and Kuaishou[32]. - The company aims to shift its focus from the gift market to the leisure self-consumption market, responding to changing consumer demands during the pandemic[33]. - The company plans to continue optimizing production technology to meet modern consumer demands and enhance the nutritional health attributes of its products[52]. - The company plans to enhance its product categories and adjust its sales strategies to better respond to changing consumer demands and mitigate risks[88]. - The company aims to expand its market presence beyond Tianjin, where over 90% of its revenue currently comes from, to reduce reliance on a single market[90]. Investment and R&D - Research and development investment increased by 24.41% to ¥2,966,142.06, reflecting the company's commitment to innovation despite declining performance[55]. - The company has obtained 12 invention patents, enhancing its competitive advantage through the introduction of new food elements into traditional products[52]. - The company is actively developing digital technologies to enhance its retail operations and improve customer engagement through smart stores and e-commerce channels[91]. - Research and development expenses for the first half of 2022 were reported at 4.28 million RMB, which is a slight increase from 3.33 million RMB in the previous year, reflecting a commitment to innovation[182]. Market Conditions and Risks - The company faces risks related to the retail and food industries, which are detailed in the report[4]. - The overall GDP growth in Tianjin for the first half of 2022 was 0.4%, with social retail sales declining by 5.5% year-on-year, reflecting a challenging economic environment[30]. - The company reported a significant decline in sales due to multiple factors including the ongoing pandemic, limited population movement, and weak consumer sentiment, leading to a notable drop in performance for its main product lines[86]. Compliance and Governance - The company has implemented strict quality control measures and achieved ISO9001 and ISO22000 certifications to maintain high food safety standards[87]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[100]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[105]. - The company reported no significant litigation or arbitration matters during the reporting period[109]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,777, with no preferred shareholders[139]. - The largest shareholder, Guifaxiang Group, holds 33.53% of the shares, totaling 67,353,014 shares, with an increase of 1,094,500 shares during the reporting period[139]. - The company has repurchased 3,931,705 shares, reducing its registered capital from 204.8 million yuan to 200.868295 million yuan[126]. Cash Flow and Liquidity - The cash and cash equivalents net increase was -¥51,842,913.25, a reduction of 87.06% compared to -¥400,792,996.84 in the previous year[55]. - The company's cash and cash equivalents decreased to ¥211,981,839.18, constituting 19.87% of total assets, down from 22.88% at the end of the previous year[65]. - The total cash outflow from financing activities was 36,355,593.43 CNY, slightly reduced from 39,548,996.41 CNY in the previous year, reflecting improved cash management[171].

Financial Performance - The company's revenue for Q1 2022 was ¥68,519,272.64, a decrease of 39.92% compared to ¥114,052,444.59 in the same period last year[3] - The net profit attributable to shareholders was -¥19,261,561.06, representing a decline of 314.15% from a profit of ¥8,994,229.82 in the previous year[3] - The cash received from sales decreased by 41.36% to ¥76,751,189.70 from ¥130,884,683.42 in the same period last year[8] - Operating profit for the current period is -$19.10 million, compared to a profit of $10.62 million in the previous period[20] - Net profit for the current period is -$19.26 million, a significant decline from a profit of $8.99 million in the previous period[20] - Other comprehensive income after tax for the current period is -$3.45 million, compared to $11.64 million in the previous period[21] Cash Flow and Liquidity - The net cash flow from operating activities was -¥7,127,553.85, down 124.47% from ¥29,122,315.76 in the same period last year[3] - Cash flow from operating activities shows a net outflow of -$7.13 million, compared to a net inflow of $29.12 million in the previous period[24] - Cash and cash equivalents decreased from CNY 263,825,523.16 to CNY 250,881,516.61, a decline of about 4.9%[15] - Cash and cash equivalents at the end of the period are $250.88 million, down from $688.12 million at the end of the previous period[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,126,920,595.42, a decrease of 2.29% from ¥1,153,302,419.55 at the end of the previous year[3] - The company's total liabilities decreased from CNY 99,785,070.31 to CNY 92,668,258.31, representing a reduction of about 7.1%[17] - The total current assets were reported at CNY 743,628,582.39, down from CNY 760,570,798.31, indicating a decrease of approximately 2.2%[15] - The company's inventory decreased from CNY 45,956,234.23 to CNY 42,705,979.06, reflecting a reduction of approximately 7.8%[15] - The non-current assets totaled CNY 383,292,013.03, down from CNY 392,731,621.24, indicating a decrease of approximately 2.5%[16] Research and Development - The company reported a significant increase in R&D expenses, which rose by 42.87% to ¥1,735,398.63 compared to ¥1,214,702.31 in the previous year[7] - Research and development expenses increased to $1.74 million, up from $1.21 million in the previous period, reflecting a focus on innovation[20] Operational Challenges - The company faced significant challenges due to the Omicron variant outbreak, which severely affected sales during the traditional peak season[8] - The company did not open any new direct stores during the reporting period, impacting cash outflows for fixed assets and intangible assets[9] Equity and Earnings - The weighted average return on equity was -1.85%, a decrease of 2.69% from 0.84% in the previous year[3] - The company's retained earnings decreased from CNY 352,600,309.53 to CNY 333,338,748.47, a decline of about 5.5%[17] - The total equity attributable to the parent company decreased from CNY 1,053,517,349.24 to CNY 1,034,252,337.11, reflecting a reduction of approximately 1.8%[17] - The company reported a basic and diluted earnings per share of -$0.10, down from $0.04 in the previous period[21] Operating Costs - Total operating costs for the current period are $90.70 million, down 12.43% from $103.55 million in the previous period[19] - Sales expenses rose to $30.40 million, compared to $29.49 million in the previous period, indicating increased marketing efforts[20]

Financial Performance - The company's operating revenue for 2021 was CNY 405,124,206.90, representing a 16.18% increase compared to CNY 348,707,209.50 in 2020[19]. - The net profit attributable to shareholders for 2021 was CNY 21,286,635.53, a decrease of 14.98% from CNY 25,037,058.57 in 2020[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 15,995,876.77, which is a 26.36% increase from CNY 12,659,186.56 in 2020[19]. - The net cash flow from operating activities increased by 138.90% to CNY 63,102,139.98 from CNY 26,413,535.39 in 2020[19]. - The total assets at the end of 2021 were CNY 1,153,302,419.55, a 4.39% increase from CNY 1,104,812,117.33 at the end of 2020[19]. - The net assets attributable to shareholders decreased by 0.83% to CNY 1,053,517,349.24 from CNY 1,062,387,407.89 at the end of 2020[19]. - The basic earnings per share for 2021 were CNY 0.11, down 8.33% from CNY 0.12 in 2020[19]. - The diluted earnings per share for 2021 were also CNY 0.11, reflecting the same 8.33% decrease from CNY 0.12 in 2020[19]. - The weighted average return on equity for 2021 was 2.02%, a decrease of 0.33% from 2.35% in 2020[19]. Market and Industry Insights - The food manufacturing industry saw a 8.0% year-over-year increase in added value in 2021, while the overall profit of large-scale food manufacturing enterprises slightly decreased by 0.1%[30]. - The market size of the Chinese snack food industry grew from CNY 410 billion in 2010 to CNY 1,156.2 billion in 2021, with a compound annual growth rate of approximately 9.9%[30]. - The retail sales in Tianjin, where the company primarily operates, grew by 5.2% in 2021, but the growth rate was significantly impacted by the pandemic in the second half of the year[33]. Product Development and Innovation - The company is focusing on expanding its product offerings to meet the growing demand for healthy and functional snack foods[31]. - The company introduced new products such as peach blossom pastry and lotus flower pastry, and upgraded production processes for existing products[34]. - The company launched new products, including a simplified packaging version of the Gaba vegetable product, which is expected to expand its market presence[76]. - The company has developed new products such as health-oriented snacks, enhancing product value through innovation and collaboration with research institutions[171]. Operational Challenges - The company faced significant cost pressures due to rising prices of key raw materials and packaging materials[34]. - The company’s direct store revenue was significantly impacted by local retail market conditions and population mobility[36]. - The company closed 3 direct stores in 2021 due to lease expirations and strategic adjustments[39]. - The company reported a significant decline in cash and cash equivalents, with a net decrease of 406,554,846.27 compared to an increase of 57,655,972.56 in the previous year, a drop of 805.14%[58]. Strategic Initiatives - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares to all shareholders[5]. - The company opened 5 new direct stores in 2021, enhancing channel advantages and exploring a new franchise model[35]. - The company is actively pursuing digital upgrades, including the introduction of unmanned retail technology in stores[35]. - The company aims to enhance its traditional snack products, focusing on quality and craftsmanship, while increasing production efficiency through technology improvements[107]. Governance and Compliance - The company held its annual general meeting on May 19, 2021, with a participation rate of 39.03%, where all proposed resolutions were passed without any objections[124]. - The first extraordinary general meeting of 2021 was held on September 17, 2021, with a participation rate of 32.96%, and no new proposals were introduced[124]. - The company has updated its internal control system to align with the main board requirements, ensuring compliance with relevant laws and regulations[121]. - The company has established a comprehensive internal control system, which was updated in response to changes in laws and regulations[158]. Social Responsibility and Sustainability - The company donated over 300,000 RMB worth of products to targeted aid areas in Gansu Province during the reporting period[172]. - The company has been recognized multiple times as a "National Model Unit for Labor Relations Harmony" and "Outstanding Enterprise for Food Safety and Quality" in Tianjin[170]. - The company has been awarded the "Tianjin Nutrition and Health Food Demonstration Enterprise" for its contributions to food safety and health[171]. - The company has established strict standards for waste gas and wastewater emissions, ensuring compliance with local environmental regulations[167]. Employee Management and Development - The total number of employees at the end of the reporting period was 1,108, with 936 in the parent company and 172 in major subsidiaries[151]. - The company has a wide-ranging training program that includes strategic management and food safety[153]. - The company has implemented a salary management system that links compensation to job responsibilities and performance[152]. - The company emphasizes employee training, focusing on risk prevention and internal control management[153].